#BTC🔥🔥🔥🔥 #Bitcoin teases, breaks through $70k Shortists | Valentin Criptan en Binance Square

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#BTC🔥🔥🔥🔥 #Bitcoin  teases, breaks through $70k
Shortists below the $75 thousand mark get ready to leave 🩸

Aviso legal: Se incluyen opiniones de terceros. Esto no respresenta una asesoría financiera. Puede haber contenido patrocinado. Lee los TyC.

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Valentin Criptan

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Hello, my dear traders! Is the bullish cycle #Bitcoin❗ really over? Definitely yes, and in this analysis, I will tell you why! The crypto market is dying in front of our eyes, if you are a hodler of many coins, you can see it very clearly on your account balance. Bitcoin failed to sustain the key level of 62k (0.618 FIB), which is an extremely strong sign of weakness. If you take a look at my Elliott Wave count, you see that the major impulse wave (12345) is complete. This is an impulse wave from the start of the bull market (15476) to the end of the bull market (73777). Take a look at wave (2) and wave (4), they both have a 21.35% pullback, so this Elliott Wave count perfectly matches. The next reason is the rectangular range at the top of the uptrend. The range is clearly breaking down, which is another sign of weakness. What's more, we have an upward-sloping trendline that is breaking down as well. Currently, there is nothing bullish on this chart. Statistically, what is a classic correction for Bitcoin during major bear markets? 90%, 84%, or 77%. On the chart, I highlighted the 0.618 Fibonacci retracement for a 54% correction. But will this Fibonacci level really hold? Maybe temporary, but at the end, the price will go below it sooner or later. What we can also consider is the 20 weekly moving average. #BTC☀ #bitcoin☀️ is currently below it, and we didn't even see any reaction whatsoever. What to do now? Should you sell your #Bitcoin?🤔🧐 My arguments are really strong, and I don't even want to know what is going to happen with altcoins. Will altcoins become dust? I am bearish. 💰💥😉 Thank you, and I wish you successful trades.💵

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#Bitcoin #BTC 💵 should bounce soon from the 56,500 level and continue in the bull market to an all-time high. To establish the ultimate profit target for the whole bull run, we need to use the Fibonacci extension and Elliott Wave theory. Throw away all Fibonacci levels on Bitcoin and use only following that works: 0.382, 0.500, 0.618, 1.000, 1.382, 1.618, 2.000, 2.382, 2.618, 3.000 etc......First, we need to make an Elliott Wave count, and after that, we can use the Fibonacci extension tool. As per my Elliott Wave count, we are in the final wave (5) of the whole bull cycle. That means we are in an impulse wave (1)(2)(3)(4)(5) and finishing the fifth wave. In general, to establish the profit target for wave (5), we need to use the Fibonacci extension tool from the start of the bull market, to wave (3), to wave (4). Usually, we want to target the 0.382 fib extension or the 0.618 fib extension. But in this case, it seems to be too low, so I am targeting a 1:1 FIB extension because of the wave (2) look. This gives us a profit target of 114,853.💰🚀

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Hello dear traders! Today #Bitcoin❗ 💵🚀 is almost ready for the final capitulation event at 62k. Is this a lifetime opportunity to buy #BTC☀ and catch the bottom? Definitely yes, you can do it pretty precisely at 62402 with your limit order. Why is this level so important? The most important is the 0.618 Fibonacci level that we can measure in the previous impulse wave. Second, we have an unfilled Fair Value GAP (FVGAP) that was created on May 15, 2024, during a significant pump. But with these types of GAPS, they tend to get filled, so the probability is relatively high. Third, we have the Point of Control (POC) of the previous market structure. You can see this level on the volume profile indicator on the left side of the chart. Levels around 62k are really significant, and we can expect a strong reaction from them. But what about Elliott Wave analysis? My Elliott Wave count suggests, that the previous uptrend is definitely an impulse wave (12345), which gives us more confidence in the overall bull run. Now, the corrective wave (WXY) is in progress, and we need to find its bottom. At this point, we don't really know if it will be a WXY (double three) or WXYXZ (triple three) pattern. But the 0.618 Fibonacci level is a strong support, and we should finish the corrective wave here! After we finish this corrective wave WXY, we can mark it as wave 2 of a higher impulse wave (higher degree) and prepare for a 3rd wave, which will lead us to an all-time high.🚀✨ Thank you, and I wish you successful trades.💰

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Make sure you prepare for this huge historical bullish trap on #Bitcoin. 💵🚀 Why? First, look at the price action. We have a bullish flag, that's what everyone sees. The market makers count every cent on their accounts, and this is a pretty good opportunity for them to make a lot of money by trapping retail traders. What will a typical retail trader do in this situation? Probably buy/long BTC at around 71k to 75k. That's where the whales step in and start selling, sending #BTC☀ back to 63k! Why 63k? This is a strong support because we have an unfilled FVGAP + Point of control (POC) of the previous market structure. I really don't see any bullish sentiment during the summer season, as statistically, Bitcoin has been going sideways. From the Elliott Wave perspective, we are in wave 5 of the first impulse wave, which is of course very bullish for the long-term, but buying at the end of wave 5 is probably not a good idea. What successful traders generally do is wait for an ABC corrective pattern to form before buying. Please hit boost and follow for more ideas. Thank you, and I wish you successful trades.💰💥

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➡️ #GALAUSDT #GALA formed a bullish peanut pattern above the HTF. It is clear that it has taken a bullish turn from the major support zone, indicating a high bullish potential. Waiting for breakout confirmation ✈🚀. Retest confirmation is also pending. We expect around 78% in the near future. 👉✅.

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